What is the marginal revenue of producing the third unit?No. units producedTotal RevenueTotal Costs0001100502180110325018042902705310380
A. 0
B. 70
C. 90
D. 250
Answer: B
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The U.S. economy has become a less open economy over the past 50 years.
Answer the following statement true (T) or false (F)
The profit-maximizing quantity of labor equates the marginal product of labor with
A) total factor productivity. B) the marginal product of capital. C) the real wage. D) the average product of labor.
Answer the following statements true (T) or false (F)
1. In the multiplier formula, 1/MPS equals the multiplier. 2. If the MPC is five-sixths, the size of the multiplier is 6. 3. If planned investment decreases, the multiplier will decrease the equilibrium income. 4. Various estimates of the multiplier for the U.S. economy place it between 2 and 3, depending on the level of employment. 5. The classical doctrine assumed that the normal equilibrium position for the economy was at full employment.
The demand curve for leisure will slope upward if leisure is a ______ good and the income effect of a wage change is relatively _______.
A. normal; large B. inferior; large C. normal; small D. inferior; small